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3 years ago

"record revenue when goods or services are provided to customers" is the definition of which principle in accounting?

1 answer:

6 0

Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.

Hence we can say that "record revenue when goods or services are provided to customers" is the definition of Revenue Recognition principle in accounting.

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Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. An

weqwewe [10]

Answer:

A. supply curve shifts to the left

Explanation:

An increase in the prices of inputs from $4 to $6 shows economic problems that include a reduction in capital stock, labor, and an increased unemployment rate. This can also give room for inflation.

This increase shows that due to shortage in labor supply, it now costs more to produce a product.

Due to all the above mentioned reasons, the supply curve of both long run and short run supply curves shifts left.

Cheers.

7 0

3 years ago

According to the Lewis two-sector model the creation of a Modern (urban) Sector will:

Soloha48 [4]

Answer:

The answer is option B) According to the Lewis two-sector model the creation of a Modern (urban) Sector will:

Create a flow of labor from the traditional sector into the modern sector.

Explanation:

The two sector model propounded by W. Arthur Lewis is a theory of development that identifies two sectors: the traditional and modern sector.

According to this theory, the creation of a modern sector will generate a flow of excess labor from the traditional sector to the urban sector where there is more demand for labor.

Over time, this migration will create more jobs, stimulate industrialization and a framework for sustainable development.

3 0

3 years ago

Two annuities have equal present values and an applicable discount rate of 7.25 percent. One annuity pays $2,500 on the first da

nignag [31]

Answer:

$2681.30 approx.

Explanation:

The first annuity is case of annuity due

For the first annuity, $2500 + 2500 × cumulative present value factor at 7.25% for 14 years

= $2500 + 8.6158 × 2500

= $24040 approx

The second annuity is the case of deferred annuity wherein payments are made at the end of the year.

Payment amount of second annuity = Present Value of first annuity ÷ cumulative present value annuity factor at 7.25% for 15 years

This will be equal to 24,040/8.9658 = $2681.30 approx.

5 0

3 years ago

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed i

storchak [24]

Answer:

The reconciled balance is 7,294.14

Explanation:

bank statement 3,881.14

deposit in transit 9,555.88

oustanding check (6,142.88)

bank statment 7.294,14

From the bank accout we deduct the outstanding check and increase by the deposit in transit.

accounting 922.55

interst 77

service charge (38.22)

note collected 6,815.00

check (482. 19)

accounting 7.294,14‬

From the accounting we adjust for the transaciton which aren't know by the company:

the interest and service charge, the note colected and we also adjsut for mistake like the check not deducted.

in both we must reach the same final answer.

4 0

3 years ago

On December 30, you decide to make a $2,500 charitable donation. (Assume you itemize your deductions.) (a) If you are in the 24

Crank

Answer:

$600

Explanation:

Calculation to determine how much will you save in taxes for the current year

Using this formula

Tax savings = Tax rate × Tax deduction

Let plug in the formula

Tax savings= 0.24 × $2500

Tax savings =$600

Therefore how much will you save in taxes for the current year is $600

7 0

3 years ago